April 2018 Product Update

In April 2018, we came, we saw, we coded. Here are some of the Vendorful product updates we released.

File Manager

Are there files that you attach to every RFP/RFI/RFQ that you issue? It can be annoying or inconvenient to have to add those files each time. To address this, we've introduced a file manager that allows you to upload, store, and re-use files. Upload the file and we'll convert the file (if possible) to a PDF preview. In subsequent RFX, you'll be able to click on the file in the Vendorful file manager to use it again. 

File Manager

Network Diagnostics for Reverse Auctions

We made a variety of improvements to the Reverse Auction module. For example, we now use science to select the colors assigned to each of the bidders in the real-time graph. However, there is one feature we've added that we've never seen anywhere else.

Vendorful's Reverse Auctions now support real-time network diagnostics. We track time drift, latency, and jitter. Why? It's all in the interest of fairness. Imagine this scenario.

  • Bidder 1 places low bid and has a clock that is five seconds fast.
  • Auction ends for Bidder 1. Five seconds remain for other bidders.
  • A new low bid comes in and the auction goes into overtime.
  • Multiple new lows are established.
  • Bidder 1 is celebrating its victory, not realizing that the auction continued and another bidder won.
Network Diagnostics

Vendor Management

Last month, we introduced the concept of public and private attribute templates for vendors. We also made it easier than every to manage attribute templates with the addition of the "clone" feature.

Clone Attribute Template

Contracts Administration

April was a big month for Vendorful's Contracts module as we added a variety of new features.

  • Notifications: Key stakeholders are now identified in advance of a contract's expiration and/or renewal.
  • Multi-document records: A contract record can now have more than one document associated with it.
  • Search and filter: We revamped and expanded the interface to allow users to find the specific contracts they want.
Search and Filter Contracts

To test any of these features yourself, sign up for a free Vendorful trial.

Interested in being the first to know about new Vendorful features or just want to keep up on procurement news? Subscribe to the blog!

Leave a Comment

Your email address will not be published. Required fields are marked *